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This is so simple it is almost laughable. Contribute to your 401k plan!
There is a very simple notion in the creation of wealth and that is to pay yourself first.
Why would anyone not want to contribute to their 401k plan? Well, I have heard many reasons but they mostly come down to the following: "I really need my whole paycheck to live on." "I am not planning to be here long and don't want to bother setting one up." "I am too young to worry about retirement. I would rather have that money to play with."
Face it: these are all just excuses. You may need your whole paycheck to live on ~ today. The question you may want to ask yourself is: am I spending money on things I really need or am I just buying things I want? Keep written record of your spending for 31 days and really look at how you are spending your money. Are there ways to eliminate some of these expenses? Do I really need to buy lunch five days a week? Do I really need to go out to dinner three nights a week? Do I even use that fitness center membership? How many pair of shoes do I need in my closet?
For the excuse of "I am not planning on being here long." What difference does that make, really? If you leave your current employer you can roll over the account to an individual retirement account. Or, you may be able to roll it into your next employer's 401k plan. Or, you could open a Roth IRA: just be sure you know the tax issues before you open a Roth IRA.
If you think you are too young to worry about retirement, you are not alone. However, countless studies have shown the value of starting retirement savings as early as possible. The time value of money is on your side. If I spent any amount of time dwelling on all the money I blew in my youth, believe me, I would cry.
The bonus for participation in your 401k plan is that many employers will match some portion of your contribution. Say your employer will match your contribution one-to-one. What that means is that for every dollar you contribute they will also contribute one dollar to your plan. If, over a year, you contribute $2,000 your account will have $4,000 of contributions! And, oh by the way, your contributions are not taxed before they go into the account.
Go ahead. For one of the best ways to save money - pay yourself first. You may also want to look at other 401k plan ideas
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